Market News & Headlines >> USDA Seen Cutting Corn, Soy Production
When USDA releases its first survey-based estimates of 2021 U.S. corn and soybean production on Thursday, they are expected to be slightly lower than the agency’s July projections, which were based on trend-line yields.
Pre-report trade estimates of U.S. corn production average 15.004 billion bushels in a range from 14.828-15.210 billion bushels compared with USDA’s July projection of 15.165 billion bushels, according to a survey of . Trade expectations for the U.S. corn yield average 177.6 bushels per acre in a range from 175.7-180.0 bushels compared with USDA’s weather-adjusted trendline yield of 179.5 bushels per acre.
Trade expectations for U.S. soybean production average 4.375 billion bushels in a range from 4.273-4.450 billion compared with USDA’s July projection of 4.405 billion bushels. Pre-report estimates of the U.S. soybean yield average 50.4 bushels per acre in a range from 49.3-51.3 bushels, compared with USDA’s July trend-line estimate of 50.8 bushels per acre.
USDA’s August corn and soybean crop estimates will be based exclusively on producer surveys and satellite data. Starting in August 2019, USDA’s National Agricultural Statistics Service discontinued its August “objective yield” survey. NASS continues to conduct field surveys for the September, October and November Crop Production reports.